The U.S. economy lost 701,000 jobs in March, and the unemployment rate jumped by nearly a point to 4.4%, according to figures released Friday morning by the U.S. Bureau of Labor Statistics.
In response to the March job numbers, AFL-CIO Chief Economist William Spriggs said:
Though the recent spikes in unemployment claims were not captured in the March report, we experienced our steepest monthly decline in payrolls in this report since March 2009. Especially hard hit were the lowest wage sectors of the economy: leisure and hospitality and brick and mortar sections of the retail industry. Going forward, based on the unemployment claim numbers, things will get worse.